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Benefits of checking account
There are a few benefits of having a checking account that I can think of:
1) Security. If thieves steal your cash or money orders you're out of luck (SOL, I believe, is the slightly less polite phrase). Your checking account, however, is protected against fraudulent charges.
2) Paying Bills. Most checking accounts give you the freedom of paying bills online, which works much better than the old stamp-and-mail method. Also some providers, like my landlord, won't accept anything but checks for rent payment.
3) Collecting money. If you do freelance online work and get paid through PayPal like I do, you can have the money in your PayPal account placed directly into your checking account at no extra charge. There IS a charge for requesting a money order.
Anyway, that's why I hang on to my checking account. Hope this helps!
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